.

Buyers Willing to Buy Homes that Need Repairs

I never have a problem with a sophisticated buyer having a willingness to purchase without inspections, but never a homebuyer that is buying for their own use, especially for a first time home buyer.

I am not seeing any shortage of buyers willing to purchase homes that are in need of renovations. We have been doing FHA 203K loan for years. Most of the time, buying a property that needs renovation can be purchased at below market prices.

What becomes frustrating, some Realtors don’t understand the process. I recently had a realtor recommend to my client, that they shouldn’t do a home inspection. The reason given was, the purchase agreement indicated that the house was being sold “as is.” It also was subject to an FHA 203K loan. After a short conversation, I explained it wasn’t the best way to represent the buyer.

I never have a problem with a sophisticated buyer having a willingness to purchase without inspections, but never a homebuyer that is buying for their own use, especially for a first time home buyer.

It is extremely important for a homebuyer to be working with a knowledgeable realtor when looking for a home that needs work.

Buyers Willing to Forego Foreclosed Property Repairs

By: Amilda Dymi

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Think Positive September 30, 2012 at 10:09 PM
It is extremely important for a homebuyer to heed the advice of a very knowledgeable home inspector Especially, when it appears a home DOESN"t need work. If everything as been so called "updated", that's when you really need to step up the inspections. Caveat Emptor. Forget asking the Realtor, they are salespeople, not experts in construction and or repairs.
homeownersucker October 02, 2012 at 12:36 AM
then again the realtor could be on the take with inspector and/or previous owner for the sale;as with the home I purchased.....ended up being a real hair-pulling, money pit. You name it, it needed fixing costed me mucho bucks
Daniella Ruiz October 02, 2012 at 02:39 AM
there is a big difference between one who buys a home for physical survival as to one who is buying it to use as investment. like stock investors who have no direct benefit of stock ownership beyond reaping gain, the homeowner who is literally 'stuck with the problems' should use any means necessary to guarantee the purchase value. the casual ways that brokers use to make their living are no different from the street vendors pushing poor quality products onto excited crowds of eager customers. wise up, protect yourself, real estate brokers can and do lie.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »